5441 Lemon Grove Avenue,Los Angeles,Los Angeles,Land

Property Description

See DOCs section for OM. Property is in a Probate Estate but not currently required to go through court overbid process. Property must be purchased together with two adjacent lots 5431 and 5437 Lemon Grove Ave. The Highlight Group of Equity Union as the exclusive listing agent are pleased to present the opportunity to acquire 5431-5441 Lemon Grove Ave., a 20,999 square foot development site of three contiguous lots located in prime Hollywood. The site is zoned R2-1XL | TOC Tier 2 but a developer may be able to significantly increase the density through the Executive Directive 1 program (Buyer to independently verify). The lots are currently improved with a combined 9 Los Angeles Rent Stabilization Ordinance units (5431 is a duplex, 5437 is a triplex, and 5441 is a fourplex), of which 8 are vacant. The ninth tenant is significantly behind on current rent, also owes significant back rent from the Eviction Moratorium and the owner is currently engaging counsel with a very good reputation and track record to start the eviction process.